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Linedata Services S.A. (0F2S.L)

Company Dividend Discount ModelIndustry: Software - ServicesSector: Technology

Valuation Snapshot

Stable Growth$108.16 - $170.38$136.66
Multi-Stage$181.77 - $199.68$190.55
Blended Fair Value$163.60
Current Price$85.60
Upside91.13%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.79%6.48%1.771.772.011.761.271.841.962.196.460.95
YoY Growth--0.01%-11.95%14.16%38.33%-30.89%-6.37%-10.46%-66.07%581.25%0.60%
Dividend Yield--2.06%3.18%4.35%4.50%4.49%6.88%6.23%5.67%13.81%2.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)53.12
(-) Cash Dividends Paid (M)17.36
(=) Cash Retained (M)35.75
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10.626.643.98
Cash Retained (M)35.7535.7535.75
(-) Cash Required (M)-10.62-6.64-3.98
(=) Excess Retained (M)25.1329.1131.77
(/) Shares Outstanding (M)4.924.924.92
(=) Excess Retained per Share5.115.926.46
LTM Dividend per Share3.533.533.53
(+) Excess Retained per Share5.115.926.46
(=) Adjusted Dividend8.649.459.99
WACC / Discount Rate7.56%7.56%7.56%
Growth Rate-0.40%0.60%1.60%
Fair Value$108.16$136.66$170.38
Upside / Downside26.36%59.65%99.05%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)53.1253.4453.7654.0954.4154.7456.38
Payout Ratio32.69%44.15%55.61%67.08%78.54%90.00%92.50%
Projected Dividends (M)17.3623.5929.9036.2842.7349.2752.15

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.56%7.56%7.56%
Growth Rate-0.40%0.60%1.60%
Year 1 PV (M)21.7221.9322.15
Year 2 PV (M)25.3325.8426.36
Year 3 PV (M)28.2929.1530.03
Year 4 PV (M)30.6731.9233.21
Year 5 PV (M)32.5534.2235.95
PV of Terminal Value (M)755.08793.75833.99
Equity Value (M)893.64936.82981.69
Shares Outstanding (M)4.924.924.92
Fair Value$181.77$190.55$199.68
Upside / Downside112.34%122.60%133.27%

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